Cryptocurrency

Tether was one of the first and most popular of a group of so-called stablecoins—cryptocurrencies that aim to peg their market value to a currency or other external reference point to reduce volatility. Because most digital currencies, even major ones like Bitcoin, have experienced frequent periods of dramatic volatility, Tether and other stablecoins attempt to smooth out price fluctuations to attract users who may otherwise be cautious. The system allows users to more easily make transfers from other cryptocurrencies back to U.S. dollars in a more timely manner than actually converting to normal currency. Here at CoinMarketCap, we work very hard to ensure that all the relevant and up-to-date information about cryptocurrencies, coins and tokens can be located in one easily discoverable place.

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In some corners, that’s caused concern that Russia could use crypto to circumvent sanctions and move money undetected. As the New York Times outlines, the Russian government has been developing a digital ruble, and Russia has been building tools to help hide the origins of digital transactions. Basically, if sanctions are meant to keep countries and businesses from dealing with Russia, crypto would be a way to get around them. Michael Parker, a former federal prosecutor, told the Times it would be “naive” to think Russia hadn’t gamed out a scenario where sanctions were imposed and it would have to find alternatives. Other aspects of Ukraine’s crypto fundraising plans are still up in the air.

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The government has also launched a website to centralize its crypto-based fundraising effort. This new website explains that Ukraine is indeed accepting several cryptocurrencies, including bitcoin and the meme-inspired dogecoin, to support its fight against Russia, and that it’s also open to fiat currency donations, too. (“Want to HODL? Send Cash,” the site says.) Because the country’s officials can’t make all the purchases they want using crypto, they sometimes convert some of these donations back into fiat currency to buy supplies. Cryptocurrency is now a more mainstream part of the global financial system, which means that — for better or for worse — it’s inevitably a part of international conflict, too. Some Ukrainians are also turning to crypto as an alternative to Ukrainian financial institutions, which are limiting people’s access to bank accounts and foreign currency. In a scenario where governments are in chaos, it’s difficult to rely on traditional banks, and there’s fear of surveillance.

The main source for this inefficiency is the large mining cost, which is estimated to be US$360 Million per year. This translates into users being willing to accept a cash system with an inflation rate of 230% before being better off using bitcoin as a means of payment. However, the efficiency of the bitcoin system can be significantly improved by optimizing the rate of coin creation and minimizing transaction fees. Another potential improvement is to eliminate inefficient mining activities by changing the consensus protocol altogether. Although Bitcoin has been around since 2009, cryptocurrencies and applications of blockchain technology are still emerging in financial terms, and more uses are expected in the future.

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Vitalik Buterin, the Russian-born founder of ethereum, has encouraged people to donate to humanitarian efforts in the country with crypto. As the conflict continues, supporters of Ukraine are sending even more crypto into the country. On social media sites and platforms like Telegram, people — including leaders of the country’s burgeoning crypto sector — are sharing their crypto wallet addresses and soliciting donations. One NGO supporting the Ukrainian military has reportedly raised several million in cryptocurrency, and groups are using crypto to buy a motley collection of military equipment, medical supplies, and even a facial recognition app. Some of these fundraising efforts have been active for months, but picked up steam in early March.

This cash in your TradeStation Securities Equities account may also, of course, be used for your equities and options trading with TradeStation Securities. TradeStation Crypto allows you to buy, sell, and earn cryptocurrencies, but you can quickly move between all trading platforms offered by TradeStation companies. You can also trade equities, options, and futures with TradeStation Securities. For now, we don’t know how crypto will shape international conflict, or whether it will ultimately help or hurt.

That means that for now, crypto might be most helpful to the people who already have it. That could account for millions of people in Ukraine, which has spent the last few years aggressively promoting its own domestic cryptocurrency industry. In February, the country’s parliament passed a law “legalizing” crypto, and Ukraine now ranks fourth in the world in terms of crypto adoption, according to the blockchain research company Chainalysis. Cryptocurrency trading is offered through an account with Robinhood Crypto. Cryptocurrencies are not stocks and your cryptocurrency investments are not protected by either FDIC or SIPC. Customers Who We Work With Crypto compliance for crypto businesses, financial services, and regulators.